Fuller’s has not resorted to cut-price deals, and so preserved its margins.

“We are a premium pub company,” said Emeny. “We don’t take part in discounting.”

Fuller’s said it has recently bought more premium sites, including the Cromwell Arms in Romsey, a pub with 10 bedrooms. It also acquired the Three Guineas at Reading station to take advantage of Crossrail’s opening in 2018.

Debt rose slightly as a result, but Emeny said the company is on track to meet its expectations for the full year.